STL(002648) 长城证券·2024-08-14 09:09Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1][5][10]. Core Views - The report highlights the company's leading position in the domestic light hydrocarbon cracking integration sector and anticipates significant growth in high-end polyolefin import substitution [1][4]. - The company is expected to achieve revenue growth of 9.3%, 13.9%, and 17.2% for the years 2024, 2025, and 2026, respectively, with corresponding net profit growth of 10.2%, 23.8%, and 28.6% [4][5]. Financial Summary - Revenue (in million CNY): - 2022: 37,043 - 2023: 41,487 - 2024E: 45,325 - 2025E: 51,612 - 2026E: 60,505 - Year-on-Year Growth: 29.7% (2022), 12.0% (2023), 9.3% (2024E) [1][6]. - Net Profit (in million CNY): - 2022: 3,096 - 2023: 4,789 - 2024E: 5,277 - 2025E: 6,533 - 2026E: 8,399 - Year-on-Year Growth: -48.5% (2022), 54.7% (2023), 10.2% (2024E) [1][6]. - EPS (in CNY): - 2022: 0.92 - 2023: 1.42 - 2024E: 1.57 - 2025E: 1.94 - 2026E: 2.49 [1][6]. - P/E Ratio: - 2022: 17.8 - 2023: 11.5 - 2024E: 10.4 - 2025E: 8.4 - 2026E: 6.6 [1][6]. Research and Development - The company has increased its R&D investment, with a reported 7.95 billion CNY in the first half of 2024, marking a 10.25% increase year-on-year [2][3]. - The company aims to invest 10 billion CNY in R&D over the next five years, focusing on overcoming critical technology bottlenecks [2][3]. Strategic Developments - The company is implementing a strong chain and supplement chain strategy, enhancing its integrated supply chain advantages [3][4]. - The construction of a high-end polyolefin materials industrial park is underway, which is expected to reduce reliance on imports and strengthen the company's market position [4][5].